US EditionJapan Starts Release of State-Held Oil to Stabilize Supplies Amid Iran War
Japan is releasing 80 million barrels from government and joint reserves, the largest ever, to counter supply disruptions from Middle East conflicts and rising domestic fuel prices.
- On Thursday, the Japanese government started releasing state-held oil to stabilize supplies amid the U.S.-Israeli war with Iran, marking the largest-ever drawdown of reserves stockpiled in the country.
- Tehran's effective blockade of the Strait of Hormuz following U.S. and Israeli attacks on Feb. 28 disrupted Japan's energy supplies; Japan relies on the Middle East for more than 90 per cent of its crude oil imports.
- Gasoline prices surged to a record 190.80 yen per liter in mid-March, prompting the government to resume subsidies, while released crude oil will fetch around 540 billion yen when sold to wholesalers including Taiyo Oil and Eneos Corp.
- Government releases commenced from Kikuma base in Ehime Prefecture, with eight additional bases activated by month's end and further releases from Nagasaki and Kagoshima prefectures in early April, following last week's private sector release of 15 days' worth.
- Japan's planned 80 million-barrel release represents 1.8 times the amount drawn after the 2011 earthquake and tsunami that devastated Japan's northeast, with combined releases totaling 50 days' worth from government, private, and jointly stored Middle Eastern reserves.
15 Articles
15 Articles
The Siasat Daily
Social News XYZJapan starts releasing state oil reserves to blunt impact of West Asia tensions
Tokyo: Japan began releasing 30 days’ worth of oil from state reserves on Thursday, March 26, to cushion the impact of the West Asia conflict on its economy, as concerns over supply mount and oil prices soar, local media reported. The move came after the country started drawing down 15 days’ worth of oil from private-sector stockpiles last Monday, reports Xinhua news agency The government plans to sell a total of about 8.5 million kiloliters of …
Observador
Noticias ao MinutoAbout a month of national barris consumption will be delivered to four Japanese oil stations, EUR 2.9 billion. The objective is to compensate for the blockade of maritime traffic in Ormuz.
Japan starts release of state-held oil to stabilize supplies
The Japanese government on Thursday started releasing state-held oil to stabilize supplies amid the ongoing U.S.-Israeli war with Iran, as part of the largest-ever drawdown of reserves stockpiled in the country. The release of oil equivalent to 30 days of domestic demand, or around 8.5 million kiloliters, is set to…
Kyodo News+
Gulf TimesJapan starts release of state-held oil to stabilize supplies amid Iran war
The Japanese government on Thursday started releasing state-held oil to stabilize supplies amid the ongoing U.S.-Israeli war with Iran, as part of the largest-ever drawdown of reserves stockpiled in the country.
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